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on the fed. i wouldn't wipe out capital losses because central banks were in the philippines from their central bank had a huge negative equity. the central banks can go on without necessarily having a positive equity. secondly, they have all sorts of tools that they can theoretically use, other than having to unwind their balance sheet. they can increase reserve ratios that they can increase interest rates they pay out excess reserves and so on. so they have a lot of control out there, which makes me less worried about the fed ellen sheets. not that i approved of what they were doing recently. but i think they can get out of there fairly easily. >> i would just add that the president had this massive undertaking, you know, in almost a desperate wickets at the underlying problem. this is a fiscal policy issue and we have an absolute lack of leadership. this fact of the tax policy, much of which has been in place for over a decade is a completely congressionally made thing in congress and the president had refused to work on it until now. so likewise they refuse to substantively ta
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